Cango down on Q1 revenue drop

Cango

10/06/2022 11:02

** U.S.-listed shares of Chinese automotive financing
services provider Cango Inc  CANG.N  down 6.5% at $3 in
premarket trading
    ** CANG on Thursday posted Q1 revenue of 787.7 mln yuan 
($117.68 mln), compared with 1.12 bln yuan a year ago
    ** Fall in revenue was driven by a decline in sales for its
automotive financing facilitation business  urn:newsml:reuters.com:*:nPnb8CvPqa
    ** Co said it expected total revenue to continue to decline
sequentially in Q2
    ** As of last close, stock up ~41% this year

($1 = 6.6934 Chinese yuan)

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))